I chat with a few of the forex factory journal guys on there so was just wondering. Pm me if you get it and ill give you my username.
Going to make it big by age 21.
A thread just for us!
I'm currently a sophomore attending a community college in Maryland, transferring to Baruch College in NY next spring, majoring in accounting.
As for my forex "career", I've been demoing with Oanda for almost a year now, had a lot of up and down days (today just happened to be a down, -131 pips
).
I'm still trying to get consistent before I even think about opening a live account, 500 pips a month is reasonable isn't it?
What methods/system are you guys using? I'm using the THV V4 system right now, with varying success.
I'm currently a sophomore attending a community college in Maryland, transferring to Baruch College in NY next spring, majoring in accounting.
As for my forex "career", I've been demoing with Oanda for almost a year now, had a lot of up and down days (today just happened to be a down, -131 pips
). I'm still trying to get consistent before I even think about opening a live account, 500 pips a month is reasonable isn't it?
What methods/system are you guys using? I'm using the THV V4 system right now, with varying success.
- #144
- Oct 14, 2009 11:26pm Oct 14, 2009 11:26pm
A thread just for us!
I'm currently a sophomore attending a community college in Maryland, transferring to Baruch College in NY next spring, majoring in accounting.
As for my forex "career", I've been demoing with Oanda for almost a year now, had a lot of up and down days (today just happened to be a down, -131 pips
I'm still trying to get consistent before I even think about opening a live account, 500 pips a month is reasonable isn't it?
What methods/system are you guys using? I'm using the THV V4 system right now,...
EDIT: to give you an example of 2 of my positions now..between usd/try and usd/huf I have racked up over 700 pips over the past week. However, this only increases my account profit by about 3-4% if I remember right. It's all about money management, how much risk you want to assume. The more risk you assume the bigger the likelihood that you will lose more money if you do lose. Think about strategy, how to grow your money over time. For ex. reason I'm holding these is to collect interest over night. From that alone I will gain about 8% per year, if you leverage right, you can double/triple that pretty safely. Getting in at the right time and getting out is another side of that story.
There are many strategies to make money in the market, I suggest sticking to what works for you and working in until you are happy, satisfied, and sure about your results. Then you can try to implement more and hedge your risk using different strategies at the same time.
Remember, capital preservation. Don't try too hard because you will get kicked out of the game, take your time.
I set my risk to 5% per trade, which in my case is $50 ($1000 account, trading 1 mini-lot at $1 per pip) but I usually get out way before that. My reward:risk ratio is around 2:1.
What initial capital did you guys start with? Specifically those who trade on higher TFs (H4 and higher). Trading intraday has been a roller coaster ride and I have classes in between the NY session. I don't want to have to stare at my screen every minute like I've been doing, so higher TF might be more ideal for me
What initial capital did you guys start with? Specifically those who trade on higher TFs (H4 and higher). Trading intraday has been a roller coaster ride and I have classes in between the NY session. I don't want to have to stare at my screen every minute like I've been doing, so higher TF might be more ideal for me
- #146
- Oct 15, 2009 10:48am Oct 15, 2009 10:48am
I set my risk to 5% per trade, which in my case is $50 ($1000 account, trading 1 mini-lot at $1 per pip) but I usually get out way before that. My reward:risk ratio is around 2:1.
What initial capital did you guys start with? Specifically those who trade on higher TFs (H4 and higher). Trading intraday has been a roller coaster ride and I have classes in between the NY session. I don't want to have to stare at my screen every minute like I've been doing, so higher TF might be more ideal for me
Going to make it big by age 21.
With 5% risk and trading intraday charts...you better watch out dude. I made the same mistake when I started and thats how I went broke. Try lowering risk to 1.5%, trading 4hr charts, and see how much easier and less stressfull this gets.
When trading 4hr chart, what other TFs do you look for trend direction, entries, and exits?
- #148
- Oct 16, 2009 8:20pm Oct 16, 2009 8:20pm
Yeah the intraday charts drives me insane sometimes, especially this week, I lost around 130 pips, but still manage to be positive this month by a mere 50 pips
When trading 4hr chart, what other TFs do you look for trend direction, entries, and exits?
Going to make it big by age 21.
- #157
- Nov 28, 2009 3:09pm Nov 28, 2009 3:09pm
- Joined Jun 2009 | Status: A slave to the tape | 4,390 Posts
lol its been quite a while. Ok again I'm at UMass Amherst, so that's pretty close to where you are. I haven't checked Lowell out (how is it?), most of my friends wanted to go to Amherst so I wasn't about to ditch them.
ok well: We had a whopper of confusion this month with EUR/USD and the 1.5000 level after apparently the official pullout of recession in the Eurozone. The the technicals were scary to say the least. Some saw a bear head and shoulders and some saw a bull flag/bull triangle. I sided with the bull triangle since it was the easiest pattern + the fact that the uptrend is huge. The EUR/USD pair teased us for quite a while, going above and below major pivot points. The pair tested 1.5000, fell back and then finally managed to crack the 1.5000 level. Fortunately I caught part of the ride up noticing a 50% retrace, monthly bullish support trend and a daily resistance trend that was broken with close and next candle above the resistance line. Such major confluence led me to believe it was time to buy.
Next, near November 25th we have a massive up candle and the 86.6 retrace major monthly resistance line told me to get the heck out of that trade with profit and wait for a retest of the level. The next candle ended up tanking, a good thing I got out.
The pair then hit the zero retrace level from the last high and low, pointing to the start of a new minor uptrend. and now I have class darn it... I'll be back later hello to everyone btw
ok well: We had a whopper of confusion this month with EUR/USD and the 1.5000 level after apparently the official pullout of recession in the Eurozone. The the technicals were scary to say the least. Some saw a bear head and shoulders and some saw a bull flag/bull triangle. I sided with the bull triangle since it was the easiest pattern + the fact that the uptrend is huge. The EUR/USD pair teased us for quite a while, going above and below major pivot points. The pair tested 1.5000, fell back and then finally managed to crack the 1.5000 level. Fortunately I caught part of the ride up noticing a 50% retrace, monthly bullish support trend and a daily resistance trend that was broken with close and next candle above the resistance line. Such major confluence led me to believe it was time to buy.
Next, near November 25th we have a massive up candle and the 86.6 retrace major monthly resistance line told me to get the heck out of that trade with profit and wait for a retest of the level. The next candle ended up tanking, a good thing I got out.
The pair then hit the zero retrace level from the last high and low, pointing to the start of a new minor uptrend. and now I have class darn it... I'll be back later hello to everyone btw